All this is true, but my understanding of the 'headroom ' was to avoid another PP scenario where we had to sell part of the crown jewels for ha' pennyworth of tar. On a JV for instance we would need to be able to contribute 10% to avoid having to go below 50%
But all this is in the future
I'm expecting a good increase in the SP with a T2 announcement and good quarterlies. These will remove the final roadblocks to sustained profitability